Banyan Completes 75% Earn-in on the McQuesten Property, Yukon

VANCOUVER, BC / ACCESSWIRE / December 13, 2023 / Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:BYN) is pleased to announce that it has completed the 75% earn in on the McQuesten Property, comprised of 73 claims, which contains the Airstrip Deposit and part of the Powerline Deposit of the AurMac Project (total 907 claims). Banyan has completed all the exploration expenditure requirements to earn 100%. Furthermore, the Company owns 51% of the Aurex Property (433 claims), which contains the majority of the Powerline Deposit and the Aurex Hill Deposit. Banyan has until December 2025 to formalize the Aurex 75% ownership and has also completed all the exploration expenditures to earn 100%. The remaining 401 claims of the AurMac Project are 100% owned by Banyan.

"Formalizing our 75% ownership of the McQuesten Property is an important milestone", stated Tara Christie, President and CEO, "In 2023 the AurMac Resource was increased to 6.2 M Gold ounces and subsequent exploration continues to expand the footprint of mineralization with 25,000 m of drilling. The Company has a healthy treasury of $7 Million while also completing regional exploration work and has ongoing technical work and metallurgy to advance the project."

Stock Options Grant
The Company has granted 6,000,000 stock options to purchase 6,000,000 shares at an exercise price of $0.30 per share with a vesting period of up to 18 months. The options are being granted with a five-year term.

The stock options are being issued in connection with Banyan's annual compensation review process and are being issued to officers, consultants, advisors and exploration staff of the Company. The options were granted under and are subject to the terms and conditions of the Company's stock option plan.

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About Banyan
Banyan's primary asset, the AurMac Project is adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The updated Mineral Resources Estimate ("MRE") for the AurMac Project of 6.2 million ounces has an effective date of May 18, 2023.

The 173 square kilometres ("sq km") AurMac Project lies 30 kilometres ("km") from Victoria Gold's Eagle Project and adjacent to Hecla Mining's high grade Keno Hill Silver mine. The Project is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Project benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.